In this briefing: Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong JK Lakshmi Cement Limited - Lower Realisation Impacted Performance; Retain BUY Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26 1. Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth Maturing Gurugram Micro-Markets: Signature Global’s portfolio remains heavily concentrated in the micro-markets of Gurugram. Housing demand in Gurugram is transitioning from a fast, hype-driven phase to a more stable, end-user-led market. As a result, the company’s annual pre-sales are likely to normalise at around ~Rs 10,000 Cr, with price growth moderating to gradual high single digits. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong JK Lakshmi Cement Limited - Lower Realisation Impacted Performance; Retain BUY Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26 India: Trade Agreements to Attract Foreign Investment 1. Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong Demand recovery combined with strong value strategy: The company is witnessing a clear improvement in guest counts from December onwards, with January trends continuing to remain positive. The Rs 99 value platform has now been rolled out across the West and select South markets without any adverse impact on gross margins, underscoring effective cost control. Management’s focus remains firmly on driving higher footfalls rather than only increasing ticket size, which is an appropriate strategy in a soft demand environment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26 India: Trade Agreements to Attract Foreign Investment India: EU FTA, US Tariff Reductions Dovetail with Budget's Manufacturing Focus Aequitas: Turtlemint Fintech Solutions Limited Pre-IPO Tearsheet 1. Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Revenue Performance: Trent posted a 16% YoY revenue growth in Q3FY26, with sales reaching Rs 5,259 Cr. However, the early festive season and the transition to the revised GST structure impacted QoQ comparability. In the near term, consumers showed a preference for higher-value purchases that benefited more from GST reductions, though demand for lower-ticket discretionary categories is expected to normalise over the medium term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Primer: HeXun Biosciences (6986 TT) - Nov 2025 Classys (214150 KQ/Buy)Targeting Brazil with a Proven M&A Playbook Krishna Institute of Medical Sciences Ltd - Expansion-Led Growth Continues... Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch 1. Primer: HeXun Biosciences (6986 TT) - Nov 2025 HeXun Biosciences operates a unique and synergistic dual-strategy business model, leveraging stable cash flow from its Contract Development and Manufacturing Organization (CDMO) services to fund its in-house development of high-potential stem cell-based new drugs. The company is strategically positioned in the high-growth regenerative medicine and biologics markets, with a focus on mesenchymal stem cells (MSCs) for cardiovascular diseases, a leading cause of death globally. Recent financial performance demonstrates exceptional growth, with revenue increasing by 119.36% and net income by 339.62% in the most recent fiscal year, transitioning the company from a loss-making entity to a profitable one with strong margin expansion.

In this briefing: Classys (214150 KQ/Buy)Targeting Brazil with a Proven M&A Playbook Krishna Institute of Medical Sciences Ltd - Expansion-Led Growth Continues... Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch Primer: Classys (214150 KS) - Nov 2025 1. Classys (214150 KQ/Buy)Targeting Brazil with a Proven M&A Playbook For 3Q25, Classys reported in-line revenue of W83bn (+40% YoY) and below-consensus operating profit of W37.6bn (+30% YoY; OP margin of 45.3%). By category, aesthetic device revenue grew 30% YoY to W42.9bn, consumables revenue expanded 46% YoY to W37.3bn, and other revenue surged 310% YoY to W2.7bn. By region, domestic revenue climbed 57% YoY to W29.8bn, and overseas revenue increased 32% YoY to W53bn. Excluding Brazil, overseas revenue expanded 80% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Krishna Institute of Medical Sciences Ltd - Expansion-Led Growth Continues... Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch Primer: Classys (214150 KS) - Nov 2025 Canbas Co Ltd (4575 JP): Q1 FY 06/26 flash update 1. Krishna Institute of Medical Sciences Ltd - Expansion-Led Growth Continues... Revenue In Line; Profitability Impacted by New Units: KIMS reported revenue broadly in line with our estimates, while EBITDA and PAT came in below expectations due to the initial ramp-up of new hospitals and the resultant operating deleverage. Profitability was impacted by higher depreciation and interest costs associated with the new facilities introduced. Reported revenue stood at 961 Cr, with margins at 21.2%, impacted by the addition of new units. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: VA Tech Wabag Ltd - Robust Orderbook Reassures Long-Term Growth; Maintain BUY KPIT Technologies Ltd - Impact of Acquisition Spends; Significant Recovery from FY27 Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch 1. VA Tech Wabag Ltd - Robust Orderbook Reassures Long-Term Growth; Maintain BUY Robust Execution and Order Pipeline to Fuel H2FY26 Growth: Wabag delivered a 19% YoY growth in revenue for Q2FY26, broadly meeting our estimates. Revenue recognition is typically skewed towards the second half of the year, indicating strong H2. The management mentioned that margins may vary on a quarterly basis, while the medium-term margin outlook remains intact. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: VA Tech Wabag Ltd - Robust Orderbook Reassures Long-Term Growth; Maintain BUY KPIT Technologies Ltd - Impact of Acquisition Spends; Significant Recovery from FY27 Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch 1. VA Tech Wabag Ltd - Robust Orderbook Reassures Long-Term Growth; Maintain BUY Robust Execution and Order Pipeline to Fuel H2FY26 Growth: Wabag delivered a 19% YoY growth in revenue for Q2FY26, broadly meeting our estimates. Revenue recognition is typically skewed towards the second half of the year, indicating strong H2. The management mentioned that margins may vary on a quarterly basis, while the medium-term margin outlook remains intact. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: KPIT Technologies Ltd - Impact of Acquisition Spends; Significant Recovery from FY27 Embassy Office Parks REIT Ltd - Q2FY26: Expansion on Track; Healthy NOI Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance Global Health Ltd - Strengthening Network with Noida Launch Calix’s Next Frontier: Can MDUs & International Push Boost Its Market Performance? 1. KPIT Technologies Ltd - Impact of Acquisition Spends; Significant Recovery from FY27 Macro Environment Outlook: The overall macro environment has shown a marked improvement, with uncertainty levels reducing by over 50% compared to Q4FY25. Europe displayed strong traction during the quarter as clients began transitioning their supply chains from local to more globally integrated ecosystems. Deal Wins/Pipeline: The company announced a major multi-year, multi-domain deal from a leading European OEM. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.